2.01% Reward Checking Account at Peoples Bank in Georgia

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Update 11/09/09: The reward checking account is no longer listed at the bank's website.

Peoples Bank is offering a reward checking account that pays 2.01% APY on balances up to $25,000 (1.01% for above) and refunds ATM fees if the following monthly requirements are met:
  • 12 check card purchases
  • one or more direct deposit or automatic payment
  • receive e-statements
If these are not met, the rate falls to 0.10%. Minimum opening deposit is $50. There are no monthly service fees or minimum balance requirements.

An online application is available at the bank's checking account page. However, a popup warns that your first account with Peoples Bank must be applied for in person at one of the bank's branches.

Branches are located in the Georgia cities of Lithonia, Covington and Conyers which are just east of Atlanta.

The bank's ratings for safety and soundness are weak: 0 star (lowest) at BauerFinancial and 1 star (lowest) at Bankrate.com. These ratings are based on 9/30/08 financial data. As I recommend with any bank, it's best to stay under the FDIC limits. The bank has been FDIC insured since 1934 (FDIC Certificate # 173).

Other Reward Checking Accounts

To find reward checking accounts in other areas of the nation or to learn more about these accounts, please refer to my High Yield Checking website.

Rate History:
10/25/09: 2.01% APY up to $25K
07/17/09: 3.01% APY up to $25K
03/01/09: 4.01% APY up to $25K
02/03/09: 5.01% APY up to $25K
Comments
Anonymous
Anonymous   |     |   Comment #1
Rick Z is right--must visit branch so they "can identify you." I told CSR it wasn't on their web page--she insisted (incorrectly) that it is.
Anonymous
Anonymous   |     |   Comment #2
CSR was probably referring to the spash screeen after clicking on the APPLY NOW button...voila!
Atlanta Wolf
Atlanta Wolf (anonymous)   |     |   Comment #3
Down to 4.01% APY
3.51% 12-Month CD at Peoples Bank in Georgia
Peoples Bank is offering a 3.51% APY 12-month CD. Minimum deposit is $500. The CD is also available in an IRA. This rate is listed in the bank's rate table as of 2/3/2009. At the bottom of the table it states that the bank will accept applications for deposit accounts from residents of Georgia. So it appears to be a Georgia-only deal. An online application is available at the bank's CD/IRA page.

This bank also offers a reward checking account with a yield of 5.01% APY for balances up to $25K...

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